| Budget Amount *help |
¥1,600,000 (Direct Cost: ¥1,600,000)
Fiscal Year 1999: ¥600,000 (Direct Cost: ¥600,000)
Fiscal Year 1998: ¥1,000,000 (Direct Cost: ¥1,000,000)
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| Research Abstract |
This project covers studies of analysis of disequilibrium dynamics with emphasis on the settlement among economic agents that may go bankrupt. The basic concept to start with is the set of contracts among agents. Important elements that qualify a contract are the ownership of commodities, transfer of ownership, debt and credit, mode of payment (down payment, delivery of commodities, forward trading, option trade, equity stock, collateral), etc. A contract is a set of statement exchanged among a concerned party to conduct a set of business characterized by these elements. Within a certain period, a contract is to be carried out, and a mode of payment stipulated in terms of money or other asset is to be in progress. When everything proceeds well as is described by the general equilibrium theory, all is done well.
But the reality in the economic life is not like this. Some of agents are able to carry out their plans exacly as planned, but rest of agents have to meet with changes in the pro
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spects, entailing changes in the plans or difficulties in the mode of payments. Usually this phenomenon has been the target of the business cycle theory, but such a theory deals only with series of booms and slumps, never with the disequilibrium mico economic aspect in its relation to carrying out of contracts, and settlement of contracts when they meet with insolvency at micro levels.
Our study classifies various aspects of contracts into a set of stages characterized by the elements above, and depicts procession of payments related to contracts. When a set of agents meets with insolvency, they are classified according to the degree of insolvency, and recontracts including settlement of debt and credit among agents advance. The next stage is the expression of demand and supply based on the past data with change in the prices. Then the short hand side principle decide who obtains and sell commodities. In this way the next stage of contracts begins again.
The article "Tableau Oeconomique of Disequilibrium Dynamics," in Economic Studies published by the Department of Economics, Hokkaido University (Vol. 48, No. 4, March 1999) deals with the development of the stages described above.
Along this project, the following researches as well were conducted : "Neutrality of Housing Lease Law Examined," (ISER Discussion Paper, June 1999), "Neutrality of Housing Lease Law Reexamined," Quarterly Journal of Housing and Land Economics, (Winter 2000), "The Generalized Inverse and the Problem of Multi-Collinearlity," Oikonomika (Spring 2000), Introduction to Mathematical Economics, Yuhikaku Publishers, (May 1999). Less
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